The bottom line is down 4.1% on the 3Q 2008 Net result of $515.6 million, with OIBDA down 26.9% year on year to $1.062 billion, on the back of a 19.4% year on year fall in revenues to $2.267 billion.

The company noted the improved quarter on quarter performance with Revenues and OIBDA up 12.1% and 11.4 % respectively quarter on quarter, and highlighted its purchase of a controlling stake in Comstar-UTS along with increasing market share in its key Russian and CIS markets.

CEO and President Mikhail Shamolin said the company expected continued volatility but was focussed on adding revenue generating services and retail operations.

"We are focusing on a number of key initiatives to realize our 3i Strategy: the acquisition of 51% stake in Comstar-UTS and development of fixed-line broadband and pay-TV services in our markets; the continued roll-out of 3G and promotion of data and content services to our customers; the on-going development of our retail sales channels; the launch of our online content portal, Omlet.ru; activity on the local and international capital markets; plus our ongoing focus on cost effectiveness. But this hasn't detracted from our focus on our core business, which saw healthy growth due to subscriber additions, strong usage in both voice and data services, incremental pricing power and a growing contribution from our retail sales channels.”